As expected, the Daily Help Strategy triggered on Friday in both the ProShares Ultra S&P500 2x Shares (SSO) two-times geared ETF and Micro E-mini futures of the S&P 500 (SPX), writes Ian Murphy of MurphyTrading.com.
The initial protective stop and targets are shown below.
Click charts to enlarge
The first few days after a trigger are always the most difficult, and this is especially the case on a Friday trigger because nothing happens in the markets over the weekend, and we can get a gap down at the open on Monday. Thankfully, this may not be the case today as E-mini futures are trading positively at 06:30 ET.
Click charts to enlarge
Meanwhile, oil survived another week and closed back in the neutral zone after washing out the -1ATR line on a weekly chart. The continuous futures contract (CL) is shown above but the United States Oil Fund ETF (USO) chart looks the same.
Learn more about Ian Murphy at MurphyTrading.com.
